MULTIBANK STOCKHOLDERS VOTE TO APPROVE PROPOSED AFFILIATION WITH BANK OF BOSTON CORPORATION
DEDHAM, Mass., March 19 /PRNewswire/ -- At a special stockholders' meeting held today, Multibank stockholders voted to approve the proposed affiliation of Multibank Financial Corp. (NASDAQ-NMS: MLTF) with Bank of Boston Corporation (NYSE: BKB). Multibank reported that 7,229,660 shares, representing 97.3 percent of the total shares voting, voted in favor of the affiliation. Shares voting in favor represented 78.3 percent of Multibank's total outstanding shares, significantly in excess of the statutory two-thirds requirement. The affiliation is also subject to regulatory approval. It is hoped that all necessary approvals will be obtained and the transaction completed by mid-year. Commenting on the affiliation, Multibank Chairman, David B.
Lynch, said, "We are pleased with this decisive stockholder vote. We look forward to our prospective affiliation with Bank of Boston and to the opportunities it will provide for continued growth and profitability."
Multibank Financial Corp. is a registered bank holding company with three Massachusetts banks. At Dec. 31, 1992 the company's total assets were $2,486,408,000. Multibank's stock is traded on the over-the-counter market and is listed and quoted through the NASDAQ National Market System (NMS) under the symbol MLTF. -0- 3/19/93 /CONTACT: Alan Neville, vice president of Multibank Financial Corp., 617-461-5572/ (MLTF BKB)
CO: Multibank Financial Corp. Bank of Boston ST: Massachusetts IN: FIN SU: TNM
TM -- NE009 -- 9093 03/19/93 15:53 EST
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|Date:||Mar 19, 1993|
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